March Wheat finished down 7 3/4 at 759 1/2, 17 1/4 off the high and 1 1/2 up from the low. July Wheat closed down 8 1/2 at 808 1/4. This was 1 1/4 up from the low and 17 off the high. The late sell-off drove March wheat to the lowest level since December 22nd with the market closing lower for the 4th session in a row. Weakness in soybeans and helped to spark some long liquidation selling ahead of key USDA reports for release in the morning. The market has been unable to take out the previous day’s highs for the 4th session in a row as well. Talk of some quality damage for the remaining Australia harvest plus some talk of potential damage for parts of the winter wheat belt which are not covered with snow helped to support the early bounce. A set-back in soybeans from the higher opening plus a lack of aggressive new buying support from speculators may have contributed to the set-back from the early highs into the mid-session. The USDA announced a sale of 155,000 tonnes of US wheat to unknown destination. Turkey bought 300,000 tonnes of wheat in their tender with 260,000 coming from the US. Traders are looking for a jump in winter wheat planted area for the reports in the morning with most traders looking for an increase of near 10%. March Oats closed up 2 1/2 at 382. This was 2 1/2 up from the low and 6 off the high.

Bron: CME